IBK increases second quarter earnings by 20.9 %

Industrial Bank of Korea's second-quarter net profit climbed 20.9 percent from a year earlier.

The net profit reached 480.9 billion won or US$451 million during the April-June period, from 397.8 billion won in the previous year.

However, the bank's revenue slumped 22.7 percent on-year to 4.5 trillion won, while operating profit gained 27.2 percent to 643.6 billion won.

The bank's net income for the first half of 2011 also increased with 993.1 billion won from the 860.4 billion won it profited in the same period a year earlier.

The full story is available at Yonhap News.